Marine electronics market is anticipated to grow at a considerable CAGR of 5.4% during the forecast period (2024-2031). The market growth is attributed to growing seaborne trade, development of novel marine vessels, growing demand for marine electronics in recreational boating industry, andincreasing emphasis on marine vessel safety. Further, the market trends are moving towards development of autonomous and unmanned marine vessels, growing adoption of electric and hybrid propulsion systems, and rising development of naval vessels, such as submarines, ships, and aircraft carrier.

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The recreational boating industry has seen a surge in demand, post-pandemic especially in developed countries. For instance, according to the National Marine Manufacturer Association (NMMA), retail unit sales of new powerboats in the US reached a 13-year high in 2020 with nearly 320,000 units sold, up 13.0% compared to 2019, comprising Personal Watercraft (PWC), including Jet Ski, Sea-Doo and Wave Runner, were up 8.0% to 82,500 units in 2020.Theannual sales of boats, marine products, and services totaled $49.3 billion in 2020, up 14.0% from 2019.

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Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global Marine Electronics Market by Component Type

Hardware
Software

Global Marine Electronics Market by Application

Merchant Marine Electronics
Fishing Vessel Electronics
Yacht/Recreation Boat Electronics
Military Naval Electronics
Autonomous Shipping Electronics
Smart Boat Electronics
Underwater Drone Electronics

Regional Analysis

North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Latin America
The Middle East and Africa

Company Profiles 

Abengoa, S.A.
ACR Electronics, Inc.
AIRMAR Technology Corp
Alcom Marine Electronics
Atlantic Electronics Ltd.
Digital Yacht Ltd
Elcome International LLC
Furuno Electric Co., Ltd.
High Seas Technology
Icom Inc.
Jason Marine Group
Johnson Outdoors Inc.
Kongsberg Gruppen ASA
Marinsat Marine Electronics & IT Solutions
Maretron
ONWA Marine Electronics Co. Ltd
Teledyne Technologies Inc.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global marine electronics market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.

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